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Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

Wednesday, April 3, 2024

Kofi Adu Domfeh writes: There is anger in the land and it's heat-induced


The night rains come as soothing relief to many homes and families in Ghana.

But soon, the land is heated up, consuming the little moisture in the atmosphere to expose the real element of an unexpected changing weather.

The discomfort of the night's heat is telling in many homes: children, couples, and everyone's comforting sleep is tormented.

And when there is no electricity to offer some succor in fanning the hot air, anger is provoked in the land.

This is the reality of today's hassling weather.

Ama runs a beauty salon in the densely-populated Ayigya suburb of Kumasi. When there is an erratic power supply in what has become known as 'dumsor', the operation of her small salon comes to a halt. Earning enough to pay her four other hands becomes a challenge.

Ama is already thinking of investing in small solar systems as an alternative source of electricity to power her hairdryers. She is hoping to access support for the alternative renewable energy source.

For many small and large-scale businesses, the recent unannounced power outages have been frustrating to their income generation and limiting productivity at the workplace.

But when they return from a day's unproductive work to a dark hot home at night, their anger peaks.

"I will sleep tired and wake up tired because of this heat. It's suffocating when there is no light to turn on the fan," said Ama. 

"Can you believe I've not been in the mood for sex for almost three weeks? My husband does not even come close to me," the mother of two sounded seriously jovial.

She explained how she had to soak towels in water to cool her sweaty children after hand fanning them for several minutes.

The common scenes

Heavy rains and heat waves are among hazards faced by the ever-growing global population.

Parts of Ghana, for instance, have experienced the rains in March, yet heat waves – that cut deep into the skin – abound.

With urbanization and the spread of megacities, communities are exposed and vulnerable. And people get worried about the unbearable heat during the daytime and at night.

In the past couple of months, especially in February, the heat intensity has pushed an increase in the use of umbrellas in the afternoon.

The marketing and purchasing of air-conditioners are rising for homes and offices, as more motorists are getting their ACs on.

The voluntary use of nose masks in densely-populated environments is on the ascendancy, as dust particles increase in the atmosphere.

And there is also an increase in the consumption of water to overcome dehydration and exhaustion.


The heat-induced anger

Electricity supply in most parts of Ghana has been erratic in recent days. This has got consumers angry, especially when the power outages come without notification of a planned schedule for load shedding.

Interestingly, street talk on the impact of the current erratic power supply is more profound at the household level than the commercial impact.

Obviously, the recent public anger towards ‘dumsor’ is induced by the unfairness of the heat to the skin and inner being, especially at night.

In the midst of the power outages, a couple of mothers have attributed the death of their children on admission at the hospital to heat exhaustion.

Indeed, the extremes of the weather are here.

At the recently-held inter-schools athletics competition in the Ashanti region, fire officers had to intervene in rescuing students from heat exhaustion at Baba Yara Stadium as they deployed fire tenders to spray water into the crowd. Temperatures rose 36°C, high above bearable limits, and the students suffered discomfort under the unbearable heat of the scorching sun.

The intimacy between some couples have been strained by the heat waves as their romantic intimacy of cuddling suffers in the hands of a discomforting night sweat under the hot still breeze.

The rising temperatures in parts of the world have been a threat to religious activities, especially in the period of fasting. Some fasting Muslims, for instance, have been advised to increase their intake of water at pre-dawn meals for energy to prevent dehydration.

Already, authorities at the Kintampo Health Research Center are embarking on a study to measure the impact of climate change, particularly heat waves on the health of the local populace.

The move is to assess the risk of illnesses caused as a result of increasing temperatures fueled by climate change.

Humid heatwaves driven by climate change

February this year was the hottest February on record globally and the ninth consecutive month in a row that a hottest month record was broken.

Climate change has an influence on extreme weather events such as heatwaves and excessive rains.

Climate change, caused by burning fossil fuels like oil, gas and coal, and deforestation, has made heatwaves more frequent, longer and hotter around the world.

According to a study by leading climate scientists from the World Weather Attribution group, human-caused climate change made the humid heatwave in southern West Africa during February ten times more likely.

Ghana is among countries in West Africa hit by an unusually intense humid heatwave, and has broken temperature records above 40°C in February 2024. 

The researchers say developing heat action plans will help protect vulnerable people from dangerous heatwaves in West Africa.

The study also found that if humans do not rapidly move away from fossil fuels, causing global warming to rise to 2°C above pre industrial levels, West Africa will experience similar heatwaves about once every two years.

This “global boiling” as termed by UN Secretary General Antonio Guterres became profound during the recent African Cup of Nations (AFCON) football tournament as a ‘cooling break’ was introduced to allow players to dehydrate from the humid conditions. 

Long-term climate change is increasing the intensity and frequency of the humid environment. Urban areas experience higher temperatures than surrounding rural areas due to reduced vegetation and increased heat-absorbing surfaces.

The sixth report of the UN Intergovernmental Panel on Climate Change (IPCC) underscores the urgency of climate action.


The energy in the heat

The high temperatures come with heat-related illness, especially respiratory and other chronic diseases.

Because they may be extremely fatal for the elderly and other persons with underlying health concerns, heatwaves are often referred to as "silent killers."

Preterm contractions, general discomfort, and spontaneous abortion in the early stages of pregnancy might possibly result from the heat wave.

If left ignored, dehydration can result in more severe issues including heat exhaustion, heat stroke, skin infections, mental health issues, and even death.

Experts advise the intake of adequate intake of water to remain hydrated and stay safe from headaches, fatigue, muscle cramps, and dizziness.

And when people are unable to sleep well at night, workplace productivity and academic performances are adversely impacted.

But there could be opportunities.

The most reliable source of clean energy in most African nations is solar power. According to Global Energy Monitor statistics, by the end of 2023, solar is estimated to account for 67 per cent of the growth in renewable energy capacity globally, with Africa accounting for a 1.7 percent.

Clean energy advocates believe it is time to turn to solar power by taking advantage of the abundant sunshine.

Perhaps, the anger in the voice of Ghanaians will be better managed if the country takes the lead in adopting or increasing new energy sources that are clean and sustainable.

Small business managers like Ama, the beautician, will be glad to adopt such energy sources.

But this will require major investments in Africa to build resilience to dangerous heat. The UN has estimated that the cost of adaptation for developing countries is between US$215-387 billion per year this decade.

However, rich countries haven’t yet met the financial promises they have made to help developing countries become more resilient to the growing risks of climate change.

In addition, these commitments fall drastically short of the finance required – in 2021, the global community delivered just US$21 billion to help developing countries adapt to climate change.

Executive Secretary, UN Climate Change, Simon Stiell, in acknowledging the latest temperature increases that have been off the charts, spoke about a world where clean energy is abundant and affordable.

He emphasized the need to make climate finance bigger and better to undo the deadlock between developed and developing countries for “a world where every nation is safe, opportunities are shared, and 10 billion people are protected from climate impacts”. 

Kofi Adu Domfeh is a Journalist, Climate Reality Leader and Green Advocate. Email: adomfeh@gmail.com  

Monday, September 4, 2023

Africa Climate Summit: Activists and frontline communities call for genuine climate leadership


As the Africa Climate Summit begins in Nairobi this week, grassroots groups and climate activists from across the continent will be holding African leaders to account to deliver concrete climate action and plans to address the continent’s pressing needs. 

 

It has been estimated that the African continent loses up to 15% of its GDP per capita annually due to the impacts of climate change.

 

But Africa is home to some of the fastest growing economies in the world and the continent also has vast potential for renewable energy growth.

 

However, it is clear that finance is vital for Africa to sustain long-term economic growth and for the continent to transition out of a fossil fuel economy and into renewable growth. 

 

“We are calling on African governments to prioritize the needs of the African people and deliver adequate measures to address the climate crisis, energy poverty and interlinked challenges.

 

“African nations need to prioritize green renewable energy targets rooted in justice over fossil fuels and false solutions and push for substantial global investments to support the clean energy transition in Africa,” said Charity Migwi, Regional Campaigner, 350Africa.org.

 

Climate activists are also appealing to African leaders to hold developing nations historically responsible for the climate crisis accountable to scale up financing for robust mitigation and adaptation measures.

 

Estimates indicate a significant shortfall of climate financing that flows into Africa as compared to the financing needs of the continent to achieve its nationally determined contributions (NDCs).

 

According to the African Development Bank (AfDB), Africa needs $1.6trillion between 2022 and 2030 to achieve its nationally determined contributions, however, the total financing flows in 2020 for Africa amounted to only USD 30 billion.

 

“As Africans, we need to plant seeds of change that ignite a green legacy for generations to come, that alleviates energy poverty while addressing the climate crisis. It is crucial that we address the key barriers facing renewable energy in Africa and facilitate the widespread deployment of renewable energy rooted in justice.

 

“The summit offers a chance for African nations to jointly devise measures to bolster clean energy goals across the region and set the stage for ambitious global renewable energy targets,” said Patricia Bekoe, Climate activist with 350 Ghana.

 

Ahead of other regional climate summits and the COP 28 UN climate talks, the Africa Climate Summit is seen as an opportunity for Africa to offer leadership and set the stage for climate action that prioritizes the communities at the frontlines of the climate crisis, more so on the most climate-vulnerable continent – Africa. 

 

"The African Climate Summit could provide the platform needed for the continent to dramatically shift its trajectory and future – from one that is set to bear the brunt of climate collapse, to one of energy-security and prosperity driven by decentralised and people-centred renewables.

 

“Going into this Summit, we are calling on African leaders to embrace the interests and will of the people and in doing so, we would expect them to throw their weight behind renewables and push for the redirection of financing to renewable energy," said Zaki Mamdoo, Climate activist and Coordinator of Stop EACOP Coalition.

 

By Kofi Adu Domfeh

 

 

Friday, August 30, 2019

Countries must double pledges during Green Climate Fund replenishment

The Green Climate Fund (GCF) – the world’s largest multilateral fund for action on climate change – is holding its second consultation on the first replenishment in Ottawa, Canada.

In the midst of the talks, civil society has welcomed the announcements by countries including Germany, France, the United Kingdom and Norway to double their pledges in local currency in comparison to contributions made during the initial capitalisation of the Fund.

Whilst these developments are encouraging, the CSOs urge other countries to follow suit and announce their pledges imminently, starting at the upcoming UN Climate Action Summit during September in New York.

“It’s vital that wealthy countries with the highest emissions contribute to the Fund and work together with those most affected to adapt to the changing climate and mitigate its effects,” said Kiri Hanks, Climate Policy Advisor, Oxfam. “The UK, France and Germany have set the bar by doubling their pledge, sending a strong signal to others that backtracking is not ok. A meaningful replenishment would involve reaching at the very least $15 billion in pledges before the end of the year." 

In light of the urgency of the climate crisis that the international community is facing and as highlighted by new science such as contained in the recent Special Report of the Intergovernmental Panel on Climate Change (IPCC) on Climate Change and Land, it is of utmost importance that all developed countries make ambitious pledges.

They must at least double the amounts they gave during the initial resource mobilization.
In particular, those countries who have contributed less generously on either per GDP or per capita basis should go well beyond doubling in this round to do their fair share.

This can positively contribute to enhancing climate ambition, especially as countries are expected to step-up their national commitments under the Paris Agreement next year.

The report is expected to add weight to the existing science and findings from the IPCC Special Report on Global Warming of 1.5°C released last year and the IPBES Global Assessment Report on Biodiversity and Ecosystem Services from earlier this year.  

“We have only a small window of opportunity to act decisively to address the climate crisis. We need to do more, do it faster and do it at a scale that transforms key sectors like energy and transport, among others,” noted Mark Lutes, WWF Climate and Energy senior advisor, global climate policy. “To do that, there must also be sufficient finance available to support the efforts of developing countries to make this transition. We call on developed countries to provide at a minimum double the contributions (in US dollars) made in the first funding round. Without this minimum level of financial support, countries will be hamstrung in responding to the climate crisis. And in the face of urgent and growing climatic disruptions, we know we cannot afford any delay.”

Every penny counts in the fight against climate change. As countries have agreed that the Fund operates in United States Dollar, as a minimum, countries must announce that they intend to at least double their contributions in this currency.  

Monday, March 25, 2013

UT Life Insurance records first profit

UT Life Insurance Company has recorded its first profit, barely two years of becoming a subsidiary of the UT Group.

The company, formerly Golden Life Assurance, recorded a profit margin of Gh₵700,000 for 2012.

This was disclosed at the maiden UT Annual Sales Conference in Kumasi.

UT Life made a premium of Gh₵6.7 million in 2012, representing a 143 percent increase over the previous year’s figure of Gh₵2.7 million.

The Company also paid claims of almost one million Ghana Cedis.

Managing Director, Tiibu Aziz Rayamah describes the performance as significant and attributes the success to the dedication of the sales team as well as the prompt and timely payment of claims.

Mr. Rayamah told Luv Fm the business will grow by similar margin in 2013, noting that UT Life does not see any competition in Ghana’s insurance industry.

According to him, “if one percent of the population is insured, I don’t see the competition; the competition only happens when you do things the same way as everybody else does. So we believe that there is actually no competition in the industry because we do things differently from everybody else and that is accounting for the growth that we’re seeing in our business”.

UT Life has the goal to become one of the best insurance companies on the African continent.

Outstanding sales executives were awarded at the UT Sales Conference 2013, which was under the theme: “Innovation and Personal Branding: Your Key to Career Development”.

Gold Award winner, Drayi Mensah Worlasi of the Hohoe branch enjoined young people to be committed to save and invest to secure their future.

Story by Kofi Adu Domfeh

Thursday, March 7, 2013

Economist says 2013 budget presents hope for private sector

There is a window of hope for the private sector in the 2013 Budget Statement, says Deodat Adenutsi, an Economist with the Central University College.

The government’s fiscal policy statement presented by the Finance Minister, Seth Terkper focused on fiscal discipline to stabilize the economy, infrastructure development and growth acceleration.

Mr. Adenutsi says “there will be an immediate mixed reaction when it comes to the prospects for the private sector but in the long run I think there is a glimmer of hope for them to be excited about opportunities within the budget”, he said.

According to him, there should be a re-engineering of the private sector with government’s spending on infrastructure development in critical sectors of the economy to meet the Millennium Development Goals.

“There should be major spending allocated to critical areas within the energy sector as far as our power crisis is concerned and in the long run I expect that the private sector takes advantage of some of these critical infrastructure to invest into activities that would create jobs in the system”, Mr. Adenutsi.

Prior to the presentation of the budget, the Economist had anticipated government will not immediately be interested in reducing the country’s fiscal deficit, which currently stands at 9 percent.

Finance Minister, Seth Terkper said Ghana, as a developing country, must still borrow to expand its infrastructure but noted the government will shift its focus to the quality of loans it acquires.

He is hoping the deficit will stay between 6 and 9 percent within the year.

Story by Kofi Adu Domfeh

Wednesday, October 31, 2012

BEIGE CEO tells Ghanaian youth “it’s our time”

At age 36, Michael Nyinaku is setting an excellent pace in the world of business for many a Ghanaian youth presently seeking employment opportunities.

As Chief Executive Officer of the BEIGE Group, Mike has founded a number of wholly-owned Ghanaian companies in finance, hospitality, real estate and logistics as well as a charity Foundation for orphans and the vulnerable.

Today, Beige Capital and Beige Village, Golf Resort and Spa are fast growing as competitive brands on the market, generating employment and .

Mike was adjudged the Best Young Entrepreneur for 2011 at the Ghana Entrepreneur Awards and has emerged the overall male National Youth Personality for the year at the National Youth Achievers Awards (NYAA).

He is ‘humbled’ by the recognition and believes this is the time for the Ghanaian youth to take the mantle of leadership.

“It’s our time and we’re lucky to have a climate that is favourable for enterprise”, he told Luv Biz Report in an interview. “People of our age have had this opportunity because back in years, people could not express their initiatives but now we have political stability, there is a lot of investment coming into the country and there is belief in us as a people that can do better for our country”.

The young achiever is optimistic Ghana’s youth “would turn things around” in the next ten years.

Meanwhile, BEIGE Capital has increased its branches to 18, with the opening of six new branches in Kumasi.

The networks, located at Atonsu, Adum, Bantama, Suame, Tafo and Afful Nkwanta, have recorded about eight thousand customers in less than three months of operations.

“At Beige Capital we believe in rapid expansion because we’re not going to foreclose our business anytime soon. We’ll be in Kumasi for a lifetime, that is why we did not hesitate at all in opening six branches in one day… we are in Kumasi to partner the business community and grow with Kumasi”, stated Mike Nyinaku.

The CEO says the company is raising the bar in the financial service industry, priding in its operations as the most capitalized savings and loans company in the country.

According to him, the firm is pursuing a win-win clients’ relations model in a new way of lending to sustain businesses through a strict loan disbursement monitoring system.

He indicated Beige Capital, which was established in 2008, should go nationwide by 2014.

Story Kofi Adu Domfeh

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